Need a little direction - paying back family for house
New to the forum and in need of a little direction.
Background: During my education, my parents bought a house for me to live in...paid in cash. Now that I am out of school I am in the process of purchasing the property from them with monthly payments. Up to this point I still owe approximately 1/2 of the value of the property back to my parents.
I would like to hang on to the property as a rental in the long term and then eventually add to a real estate profile beyond that. I plan on moving in the next year or so and would like to just go ahead and pay the remaining balance I owe my parents via some sort of loan, especially now that interest rates are low.
My main question:
- what is the best way to pay off the balance to my parents? Home equity loan, cash out refinance, other options?
Thanks